SMEs at risk of ‘falling foul’ of ATO
Confusion this financial year regarding imminent compliance dates, including for SuperStream, is putting SME owners at risk of falling foul of the ATO, accounting software provider MYOB has warned.
MYOB is urging small business owners to be aware of and comply with the ATO’s October deadlines for withholding tax tables and SuperStream.
The first deadline for SMEs to be aware of falls on 1 October. SMEs that are affected are required to update their withholding tax tables by this date. These changes will not be back-dated, and any tax deducted from 1 July will be balanced out in the individual tax returns, MYOB noted.
This is in addition to the ATO's regulations for SuperStream. The ATO has provided a deadline extension to 28 October 2016 for small businesses, with 19 or fewer employees, that are not yet SuperStream-ready. However, from 1 November 2016, the ATO will crack down on non-compliant small employers.
“The ATO has announced big changes for SMEs. SMEs are telling us they are confused and unaware of the deadlines set against them, and we encourage them to get clarification from their accountant or bookkeeper,” says James Scollay, general manager of SME solutions, MYOB.
Earlier this year, MYOB research revealed that one third of Australian SMEs were still running the risk of potentially not complying with SuperStream regulations, and one quarter were unaware of the deadline. SMEs now have just over four weeks to meet the ATO regulations.
Tuesday, 20 September 2016